‘Europe is extremely sick’, says Deutsche Bank chief economist

‘Brussels urgently needs a €150 billion bailout to begin a major recapitalization program for its banks, according to Deutsche Bank’s David Folkerts-Landau.
In the aftermath of UK’s Brexit vote, the focus of attention has switched to Italy’s banking sector, which has accumulated €360 billion in bad loans, and growing.
A former member of the ECB executive board Lorenzo Bini Smaghi, and now chairman at Societe Generale, has warned the banking crisis in Italy could spread to the entire EU.’
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